I have pretty much a FBO with tune car but I'm not sure whether to just sell this and take a huge loss because I still owe money on it or just have it fixed..

I was recently looking at some v8 M3's but since I owe $12k still on the car it's looking like if I do that I'll end up going upsidedown on that loan. I don't think i can squeeze $12k out of a sale even if I sold to a private party.

Some M3's from dealerships are looking to be around 34kish. And I don't even know how much it's going to cost me not only now to fix the problems, but problems in the long run.

Depends what your wants/needs are. Things will still fail after you fix those issues but do you want to keep repairing them? Sounds like you have to play catch up already, and that's not a good sign. Have you been failing to keep up with maintenance? I'm not sure you can handle another BMW to be honest. No offense...

Depends what your wants/needs are. Things will still fail after you fix those issues but do you want to keep repairing them? Sounds like you have to play catch up already, and that's not a good sign. Have you been failing to keep up with maintenance? I'm not sure you can handle another BMW to be honest. No offense...

I've always kept up with maintenance since I've had the car. I bought used though, so I have no idea how the previous owner treated it.

Mine has 130k, bought it with 100k. Ive replaced the turbos (due to waste gate rattle), valve cover gasket, oil pan gasket, water pump, thermostat, brake pads, tires, vanos solenoids, trans/pan/fluid (wore the other one out with higher hp) spark plugs, coils, and a few other things I'm sure I'm missing. Was it worth it? To me it kind of wasn't but I love the car to death. The car is still worth less than I bought it for after the thousands ive put into it. It doesn't sound worth it to anyone really unless you genuinely like the car and want to keep it for quite some time!

Mine has 130k, bought it with 100k. Ive replaced the turbos (due to waste gate rattle), valve cover gasket, oil pan gasket, water pump, thermostat, brake pads, tires, vanos solenoids, trans/pan/fluid (wore the other one out with higher hp) spark plugs, coils, and a few other things I'm sure I'm missing. Was it worth it? To me it kind of wasn't but I love the car to death. The car is still worth less than I bought it for after the thousands ive put into it. It doesn't sound worth it to anyone really unless you genuinely like the car and want to keep it for quite some time!

Have to agree here.

At this point maintenance will soon be more expensive than the actual worth of the car itself. If it's special to you and want to keep it for a long time. Fix it and enjoy it. If you really feel that you want the M3 I recommend getting out now and getting what you want and investing your money into a car you truly love.

I also recommend going to a few indies and getting a price on the fixes. It hurts the wallet but you will be able to sell the car a lot easier and at a better price if you go that route. Have receipts and proof of maintenance for the next buyer.

You owe $12k on a car with nearly 140k miles??? Jesus!!! I know not to come to you for financial advice..

Like others stated go to a good indy shop and get estimate.. If it's going to be over $4k then sell and get Honda asap. ANd if this car was not maintained well then you will have all sorts of sexy problems coming your way.. Gaskets failing, water pump failing, etc...

Shit if your repair costs are damn near the value you of your car; well that is a sign that it's fucking time to move on. I'm sure it was a sweat ride and you looked cool there for a minute but now it's snap back to reality time..

__________________

You can detect right away those that are going to be shaky, and that will fall behind and those that are very hungry, and that hunger you will have to develop. You gotta create a goal for yourself whatever that may be, a short term goal and a long term goal and you gotta go after that. And if you donít see it, and if you donít believe it, who else will?Arnold Schwarzenegger

You owe $12k on a car with nearly 140k miles??? Jesus!!! I know not to come to you for financial advice..

Like others stated go to a good indy shop and get estimate.. If it's going to be over $4k then sell and get Honda asap. ANd if this car was not maintained well then you will have all sorts of sexy problems coming your way.. Gaskets failing, water pump failing, etc...

Shit if your repair costs are damn near the value you of your car; well that is a sign that it's fucking time to move on. I'm sure it was a sweat ride and you looked cool there for a minute but now it's snap back to reality time..

yea I've made some stupid decisions. I think I'm just going to put the JB4 back in with autoclear and trade it in for a newer car. cut my losses now

I was recently looking at some v8 M3's but since I owe $12k still on the car it's looking like if I do that I'll end up going upsidedown on that loan. I don't think i can squeeze $12k out of a sale even if I sold to a private party.
What do you guys think i should do?

Quote:

Originally Posted by 8Series

car has 138k miles. I owe 12k

Quote:

Originally Posted by 8Series

yea I've made some stupid decisions.

Owing $12k on a BMW with 138k miles on it needs a lot of work, then considering buying a used M3 and going upside down on that loan?

Based on the information you have given this seem like a stupid decision.

So you bough a high mileage 335 that is now in the dumps. You over paid and on top of that financed a car that is almost 10 years old.. Clearly you don't have the cash flow to fuck around with at this level. The fact you financed $12k on a car that was probably $12-$14k proves this.. Right there you went full retard..

The fact you now want to buy a high mileage M3 shows you are beyond saving..

I personally feel you need to stop being fucking delusional and start recouping your losses and not dig yourself deeper into a financial grave..

If you trade in now you'll be lucky to get $8k at the dealer.. That still leaves you $4k in the hole.. And don't be shocked if dealers only offer you $6k for your car... You pretty much fucked yourself.. Option is to findy an indy and see how low he can get the repair costs down but that does not meant something else wont break next week.. If you do go for another car get something used, low mileage, affordable and easy to maintain. DOn't bother with higher end cars because it's obvious they are making you broke.

__________________

You can detect right away those that are going to be shaky, and that will fall behind and those that are very hungry, and that hunger you will have to develop. You gotta create a goal for yourself whatever that may be, a short term goal and a long term goal and you gotta go after that. And if you donít see it, and if you donít believe it, who else will?Arnold Schwarzenegger

So you bough a high mileage 335 that is now in the dumps. You over paid and on top of that financed a car that is almost 10 years old.. Clearly you don't have the cash flow to fuck around with at this level. The fact you financed $12k on a car that was probably $12-$14k proves this.. Right there you went full retard..

The fact you now want to buy a high mileage M3 shows you are beyond saving..

I personally feel you need to stop being fucking delusional and start recouping your losses and not dig yourself deeper into a financial grave..

Bro I will just leave it at this.. This thread should be made a sticky so all kids that come here can see the end product of buying a high mileage Bimmer with no warranty, overpaying and financing like 90%+ of the car. You have literally made every mistake in the book.

The fact you are $12k in the hole and are looking at a $34k car really speaks volumes.. Your trade won't even come close to covering what you financed. You will owe $4k-$6k minimum on your current loan because no dealer on Earth will give you $12k for your car. Then you will try to finance $34k on a M3 that will probably be fairly high mileage and do that with 0 down. Damn!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! That's gonna be like $600 a month for a used M3 and that's if you get at least 3%... This is IF you get financing for $34k but you are in the hole so if dealer pays off your loan you will be financing the remainder that you owe; so tack that on to the $34k.

Makes a lot more sense to be upside down on a used Civic than a used M3. Chances the M3's maintenance, repair, and insurance will be significantly higher than the Civic? Then if you can afford the M3 payment, the Civic will be a breeze and quickly will be able to not be upside down on it.

He can't do much about the hole he is in besides try to get out and buying another really expensive car is not the way to do it.

Makes a lot more sense to be upside down on a used Civic than a used M3. Chances the M3's maintenance, repair, and insurance will be significantly higher than the Civic? Then if you can afford the M3 payment, the Civic will be a breeze and quickly will be able to not be upside down on it.

He can't do much about the hole he is in besides try to get out and buying another really expensive car is not the way to do it.

100% correct!!!

GET SOMETHING CHEAP ASAP. Used low mileage Civic will be around $16-$18k.. You can will be looking at financing $20-$24k tops, this is factoring what you will owe after the trade; as opposed to financing $38-$40k. Do the math..

Go for having an estimate of the cost that will come for exchanging these parts. If you think that worth it then go for repairing or try going for a new one which i am sure will be affordable after selling the current.

The amazing part to me is that he is genuinely considering getting rid of his less-expensive-to-maintain 335i to a more-expensive-to-maintain M3 because his 335i is too expensive to maintain.

You need to sell the 335i for a loss, get a much cheaper and more reliable car, and re-evaluate your finances before you return to a more expensive car brand. It is extremely unwise to buy a depreciating asset that you cannot afford. A BMW should be treated as a bonus and a privilege, not a financial requirement. There's a very good reason why people who own Ferraris, Lamborghinis, etc. all have second cars. Car #1 is the one to get to work, Car #2 is a bonus from hard work. If you cannot afford Car #2, don't get Car #2, or at least be very ready and willing to get rid of Car #2 if you need to.

As much as we love our cars (and we all love our cars), there are more important things in life to spend money on.